"Given increased potential for moves by HOLX to increase shareholder value, we have performed a sum-of-parts analysis which shows that HOLX shares potentially could be worth up to $29," Matson said. "While an outright sale of HOLX is certainly possible, it is unlikely in our view. Some sort of break-up may make more sense and appears somewhat more likely to us than a sale. Given our analysis that shows that HOLX shares are undervalued and our belief that 2014 guidance is conservative, we reiterate our Buy rating."

Matson valued HOLX as five independent businesses (Gen-Probe plus four other businesses) using both EV/sales and EV/EBITDA multiples. They estimate that HOLX is worth around $21/share using EV/sales and around $29/share using EV/EBITDA. "Given HOLX's relatively high margins, we think that EV/EBITDA provides a more realistic valuation," Matson said.

The firm maintained a Buy rating and $26 on HOLX.

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